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Why budgeting is cool

Here we have some tips and tools to get you debt free faster

Most of us will know that setting goals and working to a plan is a sure fire way to achieve success in our lives. However, from our experience we do not see enough people setting financial goals and having a budget and home loan structure to get them debt free as fast as possible.

The right loan structure and budget

It's important to have a loan structure that fits your financial goals and the way you earn your money. That's the first place to start so that you can reduce your mortgage as quickly as possible.

If your income is fixed then a simple budget is a good idea to understand where you may be able to save some money and reduce the term of your loan. We've got tools that can help here so send us an email and we'll set you up with an easy budgeting tool. It's then important to ensure that you have fixed rates and repayments that fit your financial goals. We can work with you to find the right structure here, regardless of which bank your home loan is with.

If you've got variable income or would like the flexibility to make extra repayments then a Revolving Credit or Floating Loan are great options to allow you to make extra payments and take small chunks out of your mortgage which can add up to big gains over time. It is of utmost importance that you have this structure set up well as often the preferred Revolving Credit structure for the bank benefits them more than it does you.

We provide specific advice on the amount to have on Floating/Revolving, how to set up account structures and budgeting to ensure that you're meeting your financial goals to make sure this works for you.

I've got the right home loan - What about my bank accounts?

We've developed a structure which works well for almost all of our clients. It works by allocating funds in each pay cycle to ensure bills are covered and there are funds to run your household as well as having some fun. Leftover payments can then be made to savings or as extra payments on your home loan.

Click the link at the bottom of this article to download a factsheet on this account structure and then we can work with you to set this up correctly for your situation and provide other tools to manage your finances well.

Getting the best deal on your home loan

Even with the best loan structure, if you're paying interest rates that are too high or are being charged unnecessary fees then you're being held back from your full potential and ultimately you'll be burdened with a mortgage for longer than you should be.

We work with the major banks and can negotiate a better deal on existing loans as well as applying to other lenders to see if there are better cash back offers and interest rates available for you. All free of charge.


Three key things to remember
  1. Set financial goals and make a budget
  2. Get advice on the best structure for your goals and budget
  3. Ensure you're getting the best deal

We can help with all of these three steps and show you that setting a budget is cool and will save you money to spend on the more important things in your life.

Get in touch today by sending me an email personally and we can help to improve your home loan.

Adam Thompson
Mortgage Adviser
My Mortgage
New Zealand wide service online and with advisers in the Waikato and Auckland